The Finance Department has received an award from the Governmental Finance Officers Association ("GFOA"), which memorializes its Certificate of Achievement for Excellence in Financial Reporting for the City's Comprehensive Annual Financial Report ("CAFR") for the year ending 2011. This is the 23rd consecutive year the City has achieved this award.
The GFOA Certificate of Achievement recognition is given to governmental units and public employee retirement systems whose CAFR achieves the highest standards in government accounting and financial reporting.
To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. The report must satisfy both generally accepted accounting principles ("GAAP") and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year. Staff will be submitting the City's 2012 CAFR to GFOA and believes that it will again be found to meet the Certificate of Achievement Program's requirements.